In terms of revenue, the Global Atherectomy Devices Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 6.42% from 2023 to 2030.
The Atherectomy Devices Market has undergone significant shifts and challenges, notably during the global COVID-19 pandemic. The impact of the pandemic was felt across the globe as cardiovascular procedures were deferred, resulting in a substantial reduction in cardiac surgery volumes. The Mid-Atlantic region, particularly affected during the initial surge, witnessed a staggering 69.7% reduction in overall case volumes. Despite the setbacks, atherectomy, a vital procedure for clearing clogged heart arteries, faced a downturn. However, with the gradual easing of COVID-19 restrictions globally, the market is showing signs of recovery, poised to regain momentum in the coming years.
Key Highlights from the Report
· Based on the segmentation of the Product, the Directional Atherectomy Devices segment is anticipated to dominate the Atherectomy Devices market with the largest market share in the forecast period owing to their ability to remove plaque and restore the blood flow in a more controlled and precise manner.
· Furthermore, based on the Application segmentation, the Cardiovascular segment accounted for the maximum CAGR during the forecast period. The rising prevalence of cardiovascular diseases and the increasing adoption of Atherectomy Devices for their treatment are the key factors driving the market’s growth.
· Moreover, based on the segmentation of the End User, the Hospitals and Surgical Centers segment is expected to dominate the market during the projected timeframe due to the increasing number of patients opting for atherectomy procedures in hospitals and surgical centers.
· Finally, in terms of Region, North America held the major market share in 2022 and is likely to be the most gainful market in the future. Elements including increased availability of reimbursements, adoption of atherectomy systems by medical professionals, a large patient population with cardiovascular diseases, and the presence of FDA-approved devices are aiding this market expansion.
The increasing preference for minimally invasive surgeries propelled the market for Atherectomy Devices. Advancements in percutaneous coronary intervention (PCI) have led to the development of minimally invasive cardiac surgery (MICS) procedures, aiming to reduce postoperative complications and expedite recovery. As exemplified by Philips' Nexcimer laser system, continuous product development further fuels market growth.
In the current healthcare landscape, reimbursement plays a pivotal role. The recent increase in reimbursement for peripheral intravascular lithotripsy (IVL) procedures by the Centers for Medicare and Medicaid Services (CMS) is anticipated to boost market growth. Improved reimbursement enhances the likelihood of treatment adoption, aligning with the broader trend of healthcare reform.
While the Atherectomy Devices Market is poised for growth, stringent regulatory scenarios pose a potential challenge. Navigating regulatory frameworks may present hurdles for market players, impacting the pace of innovation and commercialization. As the industry strives for advancements, addressing regulatory constraints becomes crucial to ensure sustained growth over the forecast period.
North America emerges as a dominant player in the Atherectomy Devices Market, holding a significant share. Factors such as increased availability of reimbursements, adoption of atherectomy systems by medical professionals, a large patient population with cardiovascular diseases, and the presence of FDA-approved devices contribute to the region's market prominence. The United States stands out with its developed healthcare infrastructure and high availability of advanced atherectomy products, making it a favorable space for manufacturers. Despite the challenges posed by the COVID-19 pandemic,
North America is expected to maintain its significant market share, supported by strategic acquisitions, product launches, and a growing preference for minimally invasive surgeries.
The Global Atherectomy Devices Market is Segmented as follows
- Directional Atherectomy Devices
- Orbital Atherectomy Devices
- Photo-Ablative Atherectomy Devices
- Rotational Atherectomy Devices
- Support Devices
- Peripheral Vascular
- End User
- Hospitals & Surgical Centers
- Ambulatory Care Centers
- Research Laboratories & Academic Institutes
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Atherectomy Devices Market is
Boston Scientific Corporation (U.S.), Cardiovascular Systems Inc. (U.S.), Medtronic PLC (Ireland), Avinger Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Becton Dickinson and Company (U.S.), Abbott (U.S.), Cordis Corp. (U.S.), Terumo Medical Corporation (Japan)
The Global Atherectomy Devices Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis